By Forum Staff
Governor Kathy Hochul on Wednesday announced the launch of the New York State Secure Choice Savings Program, a new state-sponsored retirement savings program for private-sector employees who do not have access to a workplace retirement plan. Over 50 percent of working New Yorkers do not have access to a retirement plan through their employer, Hochul noted.
According to the administration, New York Secure Choice is free and easy for employers, and allows employees to save automatically through payroll deductions into portable Roth Individual Retirement Accounts they own and keep.
Following a successful pilot program, New York employers with 10 or more employees that do not already offer a qualified retirement plan will now be able to provide their employees the opportunity to save for retirement at work.
“The program provides another tool for employees to build long-term financial security and plan for a dignified retirement,” the governor said.
New York Secure Choice will notify employers required to facilitate the program and provide them with registration details. If you are an eligible employer, you can also enroll by visiting NewYorkSecureChoice.com.
Photo Courtesy of Susan Watts/Office of the Governor
“The program provides another tool for employees to build long-term financial security and plan for a dignified retirement,” Gov. Hochul said.
“As chair of the Assembly Committee on Aging, I commend Gov. Hochul for launching the Secure Choice Savings Program, which offers working New Yorkers a simple and reliable way to plan for their financial future,” said Assemblywoman Rebecca Seawright (D-Manhattan). “Too many older adults face economic insecurity in retirement because they lacked access to savings options during their working years. This program will empower employees to build stability and independence, ensuring that every New Yorker has the opportunity to age with dignity and peace of mind.”
